CVB Financial Corp. (CVBF) Upgraded to Hold at Zacks Investment Research
According to Zacks, “CVB Financial Corp. is a bank holding company. CVB’s principal business is to serve as a holding company for the Bank, Community, Ventures, and for other banking or banking related subsidiaries which the Company may establish or acquire. Through its network of banking offices, the Bank emphasizes personalized service combined with offering a full range of banking and trust services to businesses, professionals and individuals located in the service areas of its offices. “
A number of other equities research analysts also recently weighed in on the company. Keefe, Bruyette & Woods raised their price target on CVB Financial Corp. from $17.00 to $18.00 and gave the company a market perform rating in a research report on Tuesday. DA Davidson restated a hold rating and set a $18.00 price target on shares of CVB Financial Corp. in a research report on Monday. Finally, Hovde Group assumed coverage on CVB Financial Corp. in a research report on Wednesday, June 22nd. They set a market perform rating and a $17.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, CVB Financial Corp. has an average rating of Hold and a consensus price target of $18.25.
Shares of CVB Financial Corp. (NASDAQ:CVBF) opened at 17.53 on Tuesday. CVB Financial Corp. has a 12 month low of $14.02 and a 12 month high of $18.77. The company’s 50 day moving average price is $17.28 and its 200 day moving average price is $16.98. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 17.91 and a beta of 1.57.
CVB Financial Corp. (NASDAQ:CVBF) last released its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.01. CVB Financial Corp. had a net margin of 34.99% and a return on equity of 11.07%. During the same period in the previous year, the company posted $0.25 EPS. On average, equities analysts expect that CVB Financial Corp. will post $0.94 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be paid a $0.12 dividend. The ex-dividend date is Monday, October 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.75%. CVB Financial Corp.’s payout ratio is presently 48.98%.
In related news, CEO Christopher D. Myers sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $17.76, for a total value of $444,000.00. Following the sale, the chief executive officer now directly owns 355,052 shares of the company’s stock, valued at $6,305,723.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David A. Brager sold 8,000 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $17.08, for a total value of $136,640.00. Following the completion of the sale, the executive vice president now directly owns 25,113 shares in the company, valued at $428,930.04. The disclosure for this sale can be found here. 7.80% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in CVB Financial Corp. by 77.2% in the second quarter. Victory Capital Management Inc. now owns 6,211 shares of the financial services provider’s stock valued at $102,000 after buying an additional 2,706 shares during the last quarter. Bank of Montreal Can acquired a new stake in CVB Financial Corp. during the second quarter valued at about $123,000. BlackRock Inc. boosted its stake in CVB Financial Corp. by 121.9% in the first quarter. BlackRock Inc. now owns 7,182 shares of the financial services provider’s stock valued at $126,000 after buying an additional 3,945 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new stake in CVB Financial Corp. during the second quarter valued at about $137,000. Finally, Amalgamated Bank boosted its stake in CVB Financial Corp. by 5.4% in the second quarter. Amalgamated Bank now owns 12,018 shares of the financial services provider’s stock valued at $204,000 after buying an additional 615 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors.
About CVB Financial Corp.
CVB Financial Corp. is the bank holding company for Citizens Business Bank (the Bank). The Bank’s segments include Business Financial and Commercial Banking Centers (Centers), Treasury and Others. The Company’s all administrative and other smaller operating departments are combined into the Other segment.
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